Mashreq launches non-banking services platform for SMEs

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Based in the United Arab Emirates Mashreq Bank launched the Mashreq Business Banking Value Added Services platform which connects SMEs to ten non-banking service providers.

Platform users can benefit from a series of discounted non-banking services such as cloud providers, office spaces and human resource management solutions. Essentially, companies have access to a series of fintechs and start-ups that have agreed to offer discounts to Mashreq and NEOBiz business banking customers.

According to a company representative quoted by zawya.com, Mashreq is the first bank in the Middle East to partner with start-ups and fintechs to provide its banking customers with access to their services. The same representative also said that Mashreq Bank will continue to partner with major fintechs in the future to support local entrepreneurship.

NEOBiz officials quoted by the same source highlighted the platform’s focus on convenience and growth. NEOBiz is the Mashreq’s first digital banking platform designed specifically for start-ups and SMEs.

Launch of the Mashreq Business Banking Value Added Services platform with ten non-banking service providers.

Through the new platform, business banking customers in the Mashreq can access HR and planning services from Emirates HR and Bayzat, as well as access to finance through InstaVal and cloud services through WannaGo. The bank has also partnered with Letswork for collaborative work and Creative971 for website design and branding. Yalla Collect provides accounting and bookkeeping services, e-commerce is covered by Zoko, legal services by Lexyom and training by Mindcloud.

Rebate details provided by Mashreq trading platform

NEOBiz customers can get a 40% discount with EmiratesHR, which offers a cloud-based HR and payroll software solution designed for UAE-based organizations. They can also get a 25% discount when signing up for Letswork, which has more than 100 work-friendly coworking spaces, hotels and cafes across the UAE.

For cloud-managed products and security solutions, NEOBiz customers get a 15% discount on standard setup fees with WannaGo Cloud. Discounts are accessible via promo codes.

Earlier in 2022, Mashreq launched NEOPAY, which includes merchant acquiring businesses, payment processing, and issuer/acquirer processing. Mashreq also partnered with ThetaRay in February 2022, to implement the latter’s Anti-Money Laundering (AML) solution.

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